A few questions from a first time buyer

jimbo83

Hi guys/girls

I'm currently saving for a deposit at the moment and im trying to gain an understanding of what is a good target for a deposit.

I would be looking at properties at about an avergage price of 110k. What sort of amount should i be looking to get? Is it a case of the more deposit the better?

Thanks

josievg

You'll need a minimum of 10% (11K), ideally more - 15% or 20% will mean more mortgages are [subject to whether you meet lending criteria] on offer to you with better rates.

Towards the end of last year there were a couple of building societies offering 95% mortgages but I don't know if they still are.

In short, yes, the more deposit you have the better.

Plus you'll need an extra few thousand for legal fees etc and ideally a bit more on top of that for unforseen expenses which pretty much always crop up when you buy a house.